Continental Resources secures top spot in Oklahoma Inc.
Continental Resources led industries in Oklahoma in earnings over the past year with a remarkable 625% increase in earnings per share.
The energy giant also had a 117.8% increase in total returns for the past year with a 18.6% increase in revenues.
“We are extremely proud of our team at Continental,” said Continental CEO Bill Berry. “Despite the numerous headwinds the industry faced in 2020, Continental continued to do what we do best; produce the light, sweet crude oil and clean-burning natural gas our world needs.”
The firm generated approximately a $1.02 billion cash flow from operations by the third quarter of 2021. It also recorded $669 million of free cash for the third quarter alone.
Non-acquisition capital expenditures attributed to the third quarter totaled $384 million.
It has meant that Continental has reduced its total debt from $4.74 billion with a cash balance of $694 million. The energy firm had a net debt of $4.05 billion as of the end of September.
“We have elected to continue focusing on natural gas development in Oklahoma based on favorable market conditions,” Berry stated in the third quarter report.
Production has not been without challenges though. Unplanned midstream outages in North Dakota’s Bakken Field resulted in a curtailment of ESG gas capture, currently an industry leader.
February weather conditions affected production in both oil and natural gas for the energy firm. Total production the first quarter of 2021 was down due in part to the adverse weather.
Total production rebounded after the first quarter and the company has seen improved results in both oil production and natural gas production.
Though based in Oklahoma, Continental is the largest producer in the Bakken play of North Dakota and Montana when it comes to oil production.
Besides having natural gas holdings in Oklahoma’s SCOOP Woodford and SCOOP Springer discoveries and the STACK play, it has obtained new acquisitions in Wyoming’s Powder River Basin.
Founded in 1967, the firm now has 1,200 employees. The company is based in downtown Oklahoma City.
Harold Hamm, the founder and longtime CEO, formally stepped down from being a paid employee of the company earlier this spring. Hamm, who was serving as executive chairman, went from being an employee to a non-employee director, and his role didn't change much, he said in the spring.
Hamm told The Oklahoman at the time the move was another step in the process he was taking to step away from the task of running day-to-day operations at the company.
This article originally appeared on Oklahoman: Continental Resources secures top spot in Oklahoma Inc.
